Blade Air Mobility posted 187 percent higher revenues in the first quarter versus a year ago, added 14 new organ transport clients, and saw passenger volumes substantially top pre-Covid levels. Revenues in the quarter grew to $26.6 million, up from $9.27 million in the first three months of last year.
However, net losses also expanded for the period, to $11 million versus $4.2 million from a year ago. Blade said much of the loss was fueled by increased general and administrative expenses due to organic growth, as well as one-off charges associated with recent acquisitions.
The revenue jump in the quarter was fueled by the near-tripling of MediMobility organ transport and BladeOne jet revenues, which totaled $22.1 million. That's up from $7.7 million in the same period last year. Short distance revenues also grew by 300 percent, to $4.2 million, much of it attributable to Blade’s acquisition of Helijet’s commuter routes in the Vancouver area. MediMobility revenue increases were attributable in part to Blade’s acquisition of Trinity Air Medical and stronger seasonal demand for BladeOne passenger service from New York to Florida.
Flight margins during the period decreased to 11 percent from 16 percent from the year-ago period. The company said the drop was driven in part by increased charges for Blade Airport ground transportation, which delivers passengers to heliport and airport flight ramps.